The Securities and Alternate Fee has ordered the closure of Fuse Lending, Inc., an unlicensed lending outfit accused of impersonating the financing arm of Philippine cell funds service GCash as reported by Rappler.
In a July 31 order, the federal government company directed the corporate, its homeowners, and brokers to right away cease providing loans or selling lending providers.
The transfer got here after GCash’s lending subsidiary, Fuse Financing Inc., reported that the agency had been utilizing its former company identify with out permission.
Fuse Financing shared that the web site of Fuse Lending appeared to repeat its identify, format, and branding.
The location additionally allegedly collected private knowledge and offered imprecise mortgage procedures.
An investigation confirmed that Fuse Lending is neither registered as a company nor licensed to function as a lending firm, as required underneath the Lending Firm Regulation Act.
This prompted the fee to challenge a cease-and-desist order.
Bear in mind to transact solely with registered lending firms to keep away from scams and shield your private data.
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To confirm an organization’s registration and license, go to SEC company verification system here.
